The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-17
C0RNERING THE BULLS.
THE BEARS IN HIGH FEATHER
OVER THEIR VICTORY.

"Phantom Dream - Failures and
Amounts Reported Yesterday A
Startling Total of Nearly Two Million
Lost in the Pit.
CHICAGO, June 16-J. Kershaw & Co.
say in local paper that they will meet all
the demands for margins made upon them
to-day, Notwithstanding their failure to go
through the clearing house yesterday The
money is in the American Exchange Ma
tional Bank to their credit, and will be
checked against as fast as the demands are
presented; so that if the stability of the
market is dependent upon that firms meeting
its obligations, as many claim, no violent
fluctuations can be expected to-day. The
announcement of the firms complete SOL
vency comes in an official way and from
sources that cannot be questioned, although
the permission to use names is denied, the
parties making the statement stand close to
the firm and to the officers of the bank in
which the money is deposited and are
thoroughly familiar with the intentions and
4esources of Messrs. Joseph Wiltshire and
j. B. Hoyt, the representatives of the Gin
cinnati end of the great wheat deal
YESTERDAYS FAILURES
When the market opened at $50 o'clock
this morning the first sales We're at 71c for
June and 73c. for July. The latter then
sold down to 729lc. but quickly rallied to
731Sc, and at 9:3S o'clock was at 7315c.
The failures of yesterday numbered fif-
teen They were as follows with estimate
of liabilities Crosby s. Co., $4,000; H. X.
Mathews, 100000; j. A. Edwards & Co.,
$4,000; M. B. Crafts & Co, $4,000; B. j.
McCleary q Co, $4,000; Pickering G.
Co, $4,000; S. D. Eldredge & Co,
Co, $4,000; M. S. Robinson & Co., $4,000;
Youst & Brearly, $5,000 S. C. Orr & Co. :,
S5.00O in all a total of 1851 900
Including the failures of the day before
NJ Rosenfeld & Co, Hamill & Brien and E.
W. Bailey & Co.-there is a total of nine
teen, with liabilities approximating $1,000
0O0 Some of these failures We're caused bv
inability of the parties TO reach their outside
customers, while others were caused
by the failure of Rosenfeld & Co.
and the suspension of payments by
Kershaw & Co. 1t is said that, in the ma
jority of cases, the embarrassed firms will
e1me out all right, and that in one or two
Instances the books viii actually show
profits In addition to those whose failure
was brought about by either of the causes
given, there are some who were in the deal
on their own responsibility and simply got
caught where they could not help them
selves.
ALL ON THE ANXIOUS SEAT
The exciting scenes of yesterday and the
day before Were not witnessed at the open
ing of the Board of Trade this morning
The few people who had gathered in the
galleries before the opening, tired of the
calm which prevailed, and departed.
1t was given out that Kershaw would
announce at II a. m. whether he would be
able to meet the claims against him or not
1t is generally conceded that everything
depends ON Kershaw's action.
Some Cf the members are of the opinion
that he will pull through all right. But the
majority are very doubtful, tscarcely any
trading being done and the prices are barely
fuctuating at slight fractions There are-
many .lmors of impending failures, but
everything awaits the announcement to be
made by Kershaw later.
SMALL FISH SEEKING FOR CRUMBS.
The appearance which the wheat pit pre-
sented at IL o'clock is ludicrous as compared
with the interesting excitement which has
prevailed during the past few days. A few
members, dealers in a small way, have
taken possession of the pit and are shouting
themselves hoarse in their efforts to buy or
sell thousand or two bushels of wheat. No
one seems to care to transact any business,
and all Is hStless expectancy. The more
prominent dealers are strolling about the
hall or sitting in the cool window recesSes,
gossipping about the situation.
A BETTER FEELING PREVAILING
just at the close of the morning session.
John j. Bryant & Co. announced that they
desired all their trades be closed out. This
is heavy failure, involving as much as
that of b. j. McCleary yesterday. No exact
estimate of the liabilities can be given, but
If thOnODt that fhaN- will n
Sl5O,O00 I. E. Belding g. Co., who sus-
pended yesterday and then announced their
Solvency, again requested that their trades
be closed out. At the close, although nothing
definite had been heard from Kershaw, the
feeling of confidence became general and
the members at once began trading noder-
ately and prices became firmer. July
wheat advanced slightly, closing at 73L q,
and June at Il e. A special from Mime
apolis says that Griffith, Marshall 81 Co.,
gralr brokers, have suspended, owing to
their close business relations with the ker-
shaw firm at Chicago.
THE KERsHAw MATTER.
The facts in regard to the deposit of the
money for Kershaw. & Co., yesterday, at
the American Exchange Bank, on which he
founded his promise to pay in full, are made
public today in semi-official way. 1t
seems that Mr.. Wiltshire did deposit $780,
co to the credit of Mr.. Kershaw yesterday
morning. When c. j. Kershaw left there
at O'Clock, after an hours consultation
with Mr. Wiltshire, President Irwin, of the
bank and several of the directors Of the
bank, there was nearly $S00,000 on deposit
subject, as he supposed, TO his check. He
hurried down to the office of Armour 81 Co.
and there told z. ID. Armour of his position,
and his ability to stand up to everything
down TO zoe. It was not until l0:45 when
he went into Armour's Office again that he
was told that his checks were being thrown
out by the American Exchange Bank.
SHARP PRACTICE
The trouble was that Immediately after
Mr.. Kershaw left the American Exchange
Bank, and when Mr.. Wiltshire produced
The $6OO,O0O 70 60, as be supposed, TO the
credit of Mr.. Kershaw, Irwin, Green q Co.
demanded half of it, President Irwin is
the senior partner in this house and had this
advantage that he could credit the money
es he wns disposed to. When Mr.. ker-
shaw's check for 800, 600 from the clearing
house went down for certiflcation, it was
thrown out. Some big checks had, how
ssver, gone through all right before. Among
mem were checks to Schwartz, Dupee az
20, 7. b. Weare g. Co., and few others,
aggregating, perhaps, S150000, so that Mr..
TheiShaw's promises we're made in good faith:
II 1t had hot happened that the President of
the bank was an applicant for more mar